BP Denies That Hayward Will Step Down as CEO

Tony Hayward
Tony Hayward

BP (BP) denied a report that its CEO Tony Hayward will be stepping down.

Hayward, who has been heavily criticized for a series of public relations blunders in the aftermath of the Gulf oil spill, has the full support of the board and will stay in his position, a BP spokeswoman told Reuters.

British newspaper The Times reported today that Hayward would step down by October 1, assuming that the Gulf oil spill had been plugged. The story cited an anonymous source as saying Hayward had been "irreparably damaged" by the oil spill, AFP reported.

The oil giant has lined up $7 billion in asset sales to help pay for the Gulf oil spill, boosting its share price.

Originally published